POUGHKEEPSIE SAVINGS BANK ANNOUNCES REALIGNMENT
OF MARKET STREET MORTGAGE CORPORATION MANAGEMENT
POUHGHKEEPSIE, N.Y., Sept. 8 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) today announced that the chief executive officer and three other members of management of its wholly-owned subsidiary, Market Street Mortgage Corporation, resigned. Included in the resignations were the head of loan production and the head of secondary marketing. The responsibilities of these individuals have been reassigned to other members of the existing management team of the mortgage banking company.
Poughkeepsie Savings Bank announced on June 24, 1992 that it had engaged Cohane, Rafferty Securities, Inc. to help it solicit offers for the purchase of Market Street Mortgage Corporation. Such solicitations have been ongoing. The Bank expects to announce the results of this solicitation later this month.
Poughkeepsie Savings Bank is a community banking institution whose principal market is the Mid-Hudson Valley region of New York, where it operates seven branches. Market Street Mortgage Corporation, its Tampa- based mortgage banking subsidiary, has loan production offices in Florida, North Carolina, Georgia, Virginia and Maryland. The Bank's deposits are insured by the Federal Deposit Insurance Corporation.
-0- 9/8/92
/CONTACT: Joseph B. Tockarshewsky of Poughkeepsie Savings Bank, 914-431-6211, or Roger C. Vogt of Cohane, Rafferty Securities, Inc., 914-381-0245/
(PKPS) CO: Poughkeepsie Savings Bank ST: New York IN: FIN SU: PER

LD-AH -- NY061 -- 7133 09/08/92 16:03 EDT

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